Wells Fargo 2010 Annual Report Download - page 195
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Disclosures about Fair Value of Financial Instruments
The table below is a summary of fair value estimates for financial
instruments, excluding short-term financial assets and liabilities
because carrying amounts approximate fair value, and excluding
financial instruments recorded at fair value on a recurring basis.
The carrying amounts in the following table are recorded in the
balance sheet under the indicated captions.
We have not included assets and liabilities that are not
financial instruments in our disclosure, such as the value of the
long-term relationships with our deposit, credit card and trust
customers, amortized MSRs, premises and equipment, goodwill
and other intangibles, deferred taxes and other liabilities. The
total of the fair value calculations presented does not represent,
and should not be construed to represent, the underlying value
of the Company.
December 31,
2010
2009
Carrying
Estimated
Carrying
Estimated
(in millions) amount
fair value
amount
fair value
Financial assets
Mortgages held for sale (1) $ 4,232
4,234
2,132
2,132
Loans held for sale (2) 417
441
5,584
5,719
Loans, net (3) 721,016
710,147
744,225
717,798
Nonmarketable equity investments (cost method) 8,494
8,814
9,793
9,889
Financial liabilities
Deposits 847,942
849,642
824,018
824,678
Long-term debt (3)(4) 156,651
159,996
203,784
205,752
(1) Balance excludes MHFS for which the fair value option was elected.
(2) Balance excludes LHFS for which the fair value option was elected.
(3) At December 31, 2010, loans and long-term debt exclude balances for which the fair value option was elected. Loans exclude lease financing with a carrying amount of
$13.1 billion and $14.2 billion at December 31, 2010 and 2009, respectively.
(4) The carrying amount and fair value exclude obligations under capital leases of $26 million and $77 million at December 31, 2010 and 2009, respectively.
Loan commitments, standby letters of credit and commercial
and similar letters of credit are not included in the table above. A
reasonable estimate of the fair value of these instruments is the
carrying value of deferred fees plus the related allowance. This
amounted to $673 million and $725 million at
December 31, 2010 and 2009, respectively.
193